Is job satisfaction more important than money?

Would you take a pay cut to achieve job satisfaction? Find out more from our What Workers Want report.

According to our previous What Workers Want reports, nearly half (48%) of the UK workforce looks for a new job to improve their job satisfaction. As somebody who has worked in recruitment for my entire career, this doesn’t surprise me. 

But I do hope that employers will take notice. In today’s competitive environment nobody can rest on their laurels – our 2022 What Workers Want report shows that 90 per cent of employers are struggling to fill their skills gaps. 

Our previous reports also showed that almost two-thirds (62%) of employees would consider taking a pay cut to achieve other benefits that contribute to their job satisfaction. 

So, what do employees look for? In previous reports, we’ve seen factors for job satisfaction like flexible working, competitive holiday allowances and a work life balance score highly. This year, learning, training and ongoing skill progression is high on employees’ lists. 

Job satisfaction for employees at a glance

In summary, employees said they would be prepared to take a pay cut if it resulted in an improvement in the following:

• Better benefits
• Improved training and career progression
• Better commute
• More annual leave

As an employee, you might look for the following three things from a potential employer: 

1. A total rewards package

There is a gap in employee awareness about what is available to them. If you’re happy with your current employer, ask your manager about potential benefits open to you. Likewise, if you’re job hunting, talk to recruiters and hiring managers about the organisation’s benefits policies and what is on offer to prospective candidates.

2. Learning needs to be a two-way street

Almost two-thirds (66%) of employers believe they give employees access to sufficient training resources. However, only 56% of employees agree. Employees and candidates should be open about their training needs – speak up if your learning does not sufficiently support the role or your ambitions.

3. Make your achievements known

Whether you’ve gone through an intensive course or a longer period of learning, make it known. Meet with managers to discuss how you’ve applied new skills and how this benefits your company. The key to career progression and job satisfaction is to keep learning – applying new skills on the job will encourage future investments in you. 

What you need to remember about job satisfaction

Job satisfaction or money? Overall, it is clear that pay only forms part of the puzzle. If professionals are willing to take a pay cut for aspects like a better cultural fit, learning and career progression, they should be viewed as vital areas of differentiation for organisations. 

Employees should ask about the options available to them, take the offers that feel right, and apply those new skills on the job.

Request your copy of What Workers Want Report 2022 or contact us to find your local recruiting expert.